Arrested and released former IMF Managing Director

USPA NEWS - The former manager of the International Monetary Fund (IMF) Rodrigo Rato was arrested Thursday for seven hours and released with charges at midnight, accused of fraud, concealment of assets and money laundering, in the course of an investigation of the Spanish Treasury Department.

Agents of the Treasury Department inspected Thursday home and professional office of Rodrigo Rato in Madrid, and 20 boxes of documents were taken. The inspections were held by order of the Prosecutor, in the course of an investigation by three alleged crimes of fraud, concealment of assets and money laundering. All this because of the tax amnesty decreed by the Spanish government in 2012.

Rato, who was also Minister of Economy and economic vice president in the government of Jose Maria Aznar, between 2000 and 2004, is charged for his alleged role in the illegal use of opaque cards of Bankia and the IPO of the company, which was the subject of greater bank bailout in the history of Spain. However, the inspections carried out on Thursday were ordered as a result of the tax amnesty decreed by the government of Mariano Rajoy and the possibility that former IMF Managing had welcomed her to launder money.

According to investigators, to qualify for the tax amnesty was found to Rato have woven a complex network of front companies, on behalf of his wife and son, in order to derive them an important part of their property and thus protect potential liabilities to have to cope on its complaint in the case Bankia. At midnight, the former head of the IMF was released with charges and returned home.

The Spanish Government defends Thursday that Rato inspections show that the law is equal for all and that "no exceptions" under the law, according to Justice Minister Rafael Catala said. However, the opposition thinks otherwise. The secretary general of the Socialist Party (PSOE its acronym in Spanish), Pedro Sanchez, said the Prime Minister, Mariano Rajoy, has had "excellent teachers in tax fraud, as Rodrigo Rato, and excellent pupils as [Finance Minister] Cristobal Montoro, for tax amnesty. "And the leader of the centrist formation UPyD, Rosa Díez, warned against the temptation to turn Rato in a "scapegoat" for going out "all the flock."